Final Bids Placed for Piraeus Port Stake

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Prospective buyers recently placed their final bids for a majority stake in Greece’s Piraeus Port Authority but will not be announced publicly until early January, 2015, according to gCaptain.

Monday December 21, 2015 was the deadline for final bids.

The country’s privatisation agency HRADF said: “The procedure for the submission of binding offers for Piraeus Port Authority was completed today.”

A senior HRADF official said: “We will delay the opening because of the (Christmas) holidays, which means it will be around January 10, 2015.”

Among those interested in the majority stake are APM Terminals and China’s Cosco group.

It was previously reported that Cosco was in advanced talks to purchase a stake in the port authority after Greece had offered a concession to its international lenders.

An estimated US$200 million is anticipated to be received for the 51% stake in the port.

Greece has witnessed a tough 2015 after agreeing a bailout package with the European Union, Piraeus Port was one key asset for the Greek economy, yet the sale of the port is a source of income for the beleaguered country. 

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